Finally!
I didn't understand what you are pointing me to see in this thread, but I decided to try an idea from there. I disabled all plugins by renaming the plugin directory. Then one by one I found the faulty one. Its ml_pmp.

Its seems this is long known issue. Since 5.32.
Looks like its related to to the amount of drives I have on my computer. I have a built in media card reader and I think the removable drive plugin is taking too long to check those out before opening Winamp.